Harriet Torry

speaker

611 appearances 11 recordings 1 series first heard Sep 2017 last heard Dec 2024

Harriet Torry’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Coronavirus Impact on the Manufacturing Sector · 5 Feb 2020 podcast

And January surveys of factories in Asia and Europe showed a slower decline in output.

So hopefully that's pointing to a rebound in activity in the coming months.

But there is this now this big question mark over everything because of the coronavirus outbreak.

Yeah, so China is the world's largest manufacturing economy, and factories around the globe rely on its products to make their own.

You know, a lot of economists sort of don't quite know how bad this is going to get, but one sort of historical comparison that they have is the SARS outbreak, which was 17 years ago.

And the big difference today is that back when SARS hit, China represented 6% of global GDP, and now it makes up 16% of global GDP.

So the potential impact is definitely much bigger.

Certain countries, particularly countries that are very trade and export-oriented, have really been struggling during the trade war between U.S.

and China.

One of those is Germany and also Japan.

Those are the world's third and fourth largest manufacturing economies, and they did record a continued contraction in PMI in January.

So manufacturing is definitely under pressure in certain places as the coronavirus began to spread.

Well, actually, in the US, new orders picked up pretty strongly in January.

And so that was definitely a positive sign.

And, you know, when you talk to people about what's going on, the potential impact of the coronavirus on US manufacturing, there are certain areas that at least initially should not be hugely impacted.

And that would be employment in the US and production.

So for U.S.

manufacturers at the moment, this appears to be more of a potential supply chain issue that they're worried about not getting parts and components when they need them to make goods.

But that, you know, for the time being, the employment situation in the manufacturing sector and the production itself looks to be pretty solid.

Yeah, so businesses in the US did have a very difficult time passing how tariffs and trade were going to affect operations, particularly in the second half of the year.

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